Wells Fargo & Company Forecasts Strong Price Appreciation for Dover (NYSE:DOV) Stock

Key Points

• Wells Fargo & Company raised its price target for Dover from $190.00 to $195.00, indicating a potential upside of 5.32% from the current stock price.
• Other analysts have also revised their price targets for Dover, with JPMorgan Chase & Co. increasing theirs to $211.00 and Mizuho raising it to $225.00, reflecting positive sentiment towards the stock.
• Dover's recent quarterly earnings surpassed expectations, reporting $2.44 EPS and revenue of $2.05 billion, showing a year-over-year revenue growth of 5.2%.
• Currently, 84.46% of Dover's stock is held by institutional investors and hedge funds, indicating strong institutional interest in the company.

Dover (NYSE:DOV - Free Report) had its price target raised by Wells Fargo & Company from $190.00 to $195.00 in a research note released on Friday,Benzinga reports. They currently have an equal weight rating on the industrial products company's stock.

Several other research firms also recently weighed in on DOV. JPMorgan Chase & Co. boosted their target price on Dover from $190.00 to $211.00 and gave the company an "overweight" rating in a report on Friday, May 16th. Royal Bank Of Canada boosted their target price on Dover from $203.00 to $206.00 and gave the company a "sector perform" rating in a report on Friday. Morgan Stanley assumed coverage on Dover in a report on Monday, April 14th. They issued an "equal weight" rating and a $185.00 target price for the company. Robert W. Baird increased their price objective on Dover from $219.00 to $234.00 and gave the stock an "outperform" rating in a research report on Friday. Finally, Mizuho increased their price objective on Dover from $215.00 to $225.00 and gave the stock an "outperform" rating in a research report on Friday, June 13th. Six equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $213.42.

Dover Stock Down 0.0%

NYSE DOV traded down $0.09 during trading on Friday, reaching $186.55. 1,579,882 shares of the company's stock were exchanged, compared to its average volume of 1,078,183. The stock has a market cap of $25.58 billion, a P/E ratio of 11.25, a price-to-earnings-growth ratio of 1.57 and a beta of 1.26. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.56 and a current ratio of 2.13. The company has a 50 day moving average price of $182.63 and a two-hundred day moving average price of $183.16. Dover has a 1 year low of $143.04 and a 1 year high of $222.31.

Dover (NYSE:DOV - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.39 by $0.05. The company had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.03 billion. Dover had a return on equity of 18.77% and a net margin of 29.29%. Dover's revenue for the quarter was up 5.2% on a year-over-year basis. During the same period in the previous year, the business earned $2.36 EPS. On average, equities research analysts anticipate that Dover will post 9.45 EPS for the current fiscal year.

Dover Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Friday, May 30th were given a dividend of $0.515 per share. This represents a $2.06 annualized dividend and a yield of 1.10%. The ex-dividend date of this dividend was Friday, May 30th. Dover's payout ratio is 12.41%.

Hedge Funds Weigh In On Dover

Several institutional investors and hedge funds have recently added to or reduced their stakes in DOV. Vanguard Group Inc. increased its stake in Dover by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 16,342,135 shares of the industrial products company's stock valued at $2,870,986,000 after purchasing an additional 106,679 shares in the last quarter. Geode Capital Management LLC increased its stake in Dover by 2.3% in the 4th quarter. Geode Capital Management LLC now owns 3,303,257 shares of the industrial products company's stock valued at $618,068,000 after purchasing an additional 74,541 shares in the last quarter. FMR LLC increased its stake in Dover by 1.1% in the 4th quarter. FMR LLC now owns 3,118,391 shares of the industrial products company's stock valued at $585,010,000 after purchasing an additional 32,565 shares in the last quarter. Nuveen LLC purchased a new position in Dover in the 1st quarter valued at approximately $526,081,000. Finally, Adage Capital Partners GP L.L.C. increased its stake in Dover by 31.6% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 2,182,995 shares of the industrial products company's stock valued at $409,530,000 after purchasing an additional 524,092 shares in the last quarter. Institutional investors and hedge funds own 84.46% of the company's stock.

Dover Company Profile

Dover Corporation provides equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services worldwide. The company's Engineered Products segment provides various equipment, component, software, solution, and services that are used in vehicle aftermarket, waste handling, industrial automation, aerospace and defense, industrial winch and hoist, and fluid dispensing end-market.